President Trump’s One Big Beautiful Bill delivers the largest tax cuts in decades. But the benefits aren’t evenly distributed, and some taxpayers will gain far more than others.

Given how wide-ranging the legislation is, it may take a while for everyday tax filers — including seniors with significant retirement savings — to understand how the details impact

The bill permanently extends the major provisions of 2017’s Tax Cuts and Jobs Act, including lower tax rates, larger standard deduction, child tax credit, and full business expensing deductions for equipment and machinery, said Adam Michel, the director of tax policy studies at the Cato Institute.